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Oilfield Services Newsletter | October 2016
Oil & Gas Team
Duane [email protected]
John [email protected]
John [email protected]
Vaughn [email protected]
Jackson [email protected]
Matt [email protected]
Introduction
As reported in our August OFS Newsletter, Energy M&A sentiment is increasing.Evidencing this, we have seen a slew of transactions announced in recent weeks. Thesetransactions, which were initiated during a period of higher uncertainty, are now beingclosed with guarded optimism. This recent optimism is being manifested by the sustainedand steady increase in rig counts, oilfield activity, and oil prices, but the underlying driverof these results is a combination of a number of other positive factors. These factorsinclude a change in OPEC’s position and resilient demand fundamentals. With thesefactors at play, operating companies and investors alike are beginning to enter themarket with the intent to place their bets or double down. Founders is actively advisingon buy-side and sell-side processes as oil and gas industry constituents are aggressivelypositioning themselves to ride the cycle back up. One common thread among our mostrecent engagements has been oilfield creativity. Transactions ranging from mergers andrecapitalizations to growth equity and private debt are being pursued by oilfieldentrepreneurs, Texas-based family offices, and oilfield focused private equity firms totake advantage of the current market opportunity.
Deal Options in a Turning MarketOFS Newsletter | October 2016
“We are seeing an influx of capital into the oilfield with the proceeds being put to use in a number of creative ways.”
- Joe Brady,Founders Investment
Banking Director
Transaction Types
A number of transaction types are now happening in the marketplace as capital returns.See chart below for recent example transactions.
Transaction Types in a Turning Market
MergerAnnounced May 2016
RecapitalizationMarch 2016
Debt Restructuring October 2016
Private DebtSeptember 2016
FMC Technologies andFrench oil-services rivalTechnip have agreed tomerge in an all stock dealthat will create one of theworld’s largest oilfieldservice companies.
Globe Energy Services hasbeen recapitalized byClearlake Capital; “Thispartnership providesGlobe with a strengthenedfinancial position that willenable us to reinvest inthe business andexecute..” - Troy Botts Jr.,Globe’s Founder & CEO
Stallion Oilfield Serviceshas completed a debtrestructuring with itssecured lenders, keyequity holders, andfinancial investorseliminating virtually all ofits debt and restructuringthe company's balancesheet.
Wolverine Group, aCanadian-based oilfieldservices company, hasreceived a $19MM loanfrom IAM Private DebtGroup; proceeds areexpected to be used tofinance the acquisitions ofHD Energy Rentals andBearing Oilfield Services.
Oilfield Services Newsletter | October 2016
“The only place where we don’t see
any signs of recovery at this stage is in Asia.”
- Paal Kibsgaard, Schlumberger CEO
Improving Fundamentals and Changing OPEC Position
With oil prices steadying and rig counts consistently increasing, the oil and gas industry isreaching a point of stability that is giving comfort to investors and operators. A catalyst forthe recent optimism is OPEC’s changing position in the global market. Historically, the cartelhas utilized their internal production levels to control global pricing, and they were successfulin driving prices down for the past two years by oversupplying the market. The long-termsuccess of this strategy is now being called into question. With OPEC operating at near maxcapacity, even the Saudi’s are feeling the pain of low prices in their declining revenues. OPECappears to be coming to terms with the resilience of U.S. energy and that their strategy mayin fact be furthering their problems. Michael McDonald of Oilprice.com commented, “OPECseems to have finally accepted the fact that they are not as strong as they once were, andthat the market forces behind unconventional production in the U.S., Canada, and abroad arenot as weak as OPEC had supposed. While a few U.S. firms have been bankrupted by the lastfew years, those bankruptcies have only served to strengthen top tier players in the space.”Another recent data point supporting this idea is Saudi Arabia’s $17.5Bn bond sale. The WallStreet Journal noted in an article on October 19, “sale is biggest-ever emerging-market debtissue; comes as kingdom works to keep economy afloat as oil income dwindles.” Withindustry fundamentals solidifying, U.S. energy proving its resilience and wherewithal toinnovate, the chances of a “lower for longer” scenario seems less likely.
The Opportunity
Due to the nearly two-year decline in the industry, many oilfield service companies are in a challenged state. And theunderlying hope is that the market recovery will begin increasing revenues and lifting margins. That hope materialized inHalliburton’s recent earnings release, which surprised analysts as the Company turned a profit in Q3. OFS companies thathave made it this far have accomplished an impressive feat and are likely coming out of the woods of the downturn. But,while they may be well on their way to riding the cycle back up, an even larger opportunity for growth exists in the form oftaking market share. A company that can take market share in a growing market will go from riding revenue growth to drivingit. These leap frog moves over hobbled competitors will fast track revenues as the market returns. Calculated bets will haveto be made on actions such as new hires, upgraded equipment, aggressive pricing, and even new locations. Some moves canbe difficult to consider as wounds are still fresh on the minds of most operators, but those who can capitalize should behandsomely rewarded come time for an exit. This window of opportunity, although recently opening, may close fast.
Example OFS Company Market Share and Revenue through the Cycle
Note: This analysis was performed using Spears & Associates recent data and projections for newly completed domestic oilwells and Founders’ assumptions for market share. Revenue in projected years assumes an amount of spend captured pernewly completed domestic oil wells and a subsequent improvement in pricing to pre-cycle norms.
$38,942.6 $66,433.4 $102,573.1 $54,701.1 $23,638.5 $50,513.0 $60,188.8 $83,540.1 $105,359.1
4%
6%
9%10% 10%
11%12%
13%14%
0%
2%
4%
6%
8%
10%
12%
14%
16%
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
2012 2013 2014 2015 2016E 2017P 2018P 2019P 2020P
(Mar
ket
Shar
e)
($ in
Th
ou
san
ds)
Domestic Revenue Domestic Market Market Share
Oilfield Services Newsletter | October 2016
3
Recent M&A Activity
Conclusion
Industry fundamentals and a shift in OPEC’s position have brought about a strong change in sentiment on the industryoutlook. This sentiment is bringing about a more subtle change in the industry that is luring investors back to the table andgiving operators more transaction options and liquidity. Now is a good time to reevaluate your situation and assessopportunities in order to capitalize on a return in the oil and gas industry.
Source: CapitalIQ
Announced Date
Target Target Business Description Buyers / Investors
10/12/2016 Gazelle Transportation, Inc.
Gazelle Transportation, Inc. provides crude oil transportation and logistics services for the oil and gas industry.
EIV Capital, LLC; EIV Capital Fund II, LP
10/11/2016 Light Tower Rentals, Inc.
Light Tower Rentals, Inc. provides industrial rental equipment and services to energy and construction markets.
Clearlake Capital Group, L.P.
9/16/2016 Groom Energy Solutions LLC
Groom Energy Solutions LLC provides commercial and industrial energy solutions in the United States.
DK Energy US LLC
9/15/2016 Top Notch Energy Services, Inc.
Top Notch Energy Services, Inc. provides thru-tubing fishing and milling services to the oil and gas industry.
Team Oil Tools, Inc.
9/15/2016 American Well Service LLP
American Well Service LLP provides workover rig services. RockPile Energy Services, LLC
9/14/2016 KEL-TECH, INC. KEL-TECH, INC. manufactures and supplies specialty chemical products for production, field stimulation, and drilling applications in the oil and gas industry.
Clariant AG
9/14/2016 X-Chem, LLC X-Chem, LLC provides solutions for the maintenance, production, completion, and stimulation of oil wells, gas wells, and pipelines.
Clariant AG
9/13/2016 Warrior Manufacturing Services Ltd
Warrior Manufacturing Services Ltd, an oilfield services company, designs, manufactures, and repairs oilfield equipment.
Patterson-UTI Energy Inc.
9/12/2016 Applied-Cleveland Holdings, Inc.
Applied-Cleveland Holdings, Inc. provides third party inspection services for the construction and maintenance of oil and natural gas transmission, distribution,
and other types of oil and gas construction.
First Reserve Corporation
9/6/2016 Virent Energy Systems, Inc.
Virent Energy Systems, Inc. produces hydrocarbon chemicals and fuels from plant sugars.
Tesoro Corporation
9/8/2014 American Well Service LLC
American Well Service LLC provides containment and closed loop solids control to energy exploration and production companies throughout the Marcellus and
Utica Shales regions.
Extreme Plastics Plus, Inc.
Oilfield Services Newsletter | October 2016
Trading Statistics
4Source: CapitalIQ
Stock Price % of 52-Week Market Enterprise 2016P Enterprise Value / 2017P Enterprise Value /
Ticker Company Name 10/25/16 High Low Cap Value Revenue EBITDA 2016 Revenue 2016 EBITDA Revenue EBITDA 2017 Revenue 2017 EBITDA
Integrated Equipment & Service Providers
NYSE: SLB Schlumberger Limited $ 80.22 95% 135% $ 111,711.2 $ 122,232.2 $ 28,366.3 $ 6,544.2 4.3x 18.7x $ 31,812.1 $ 7,866.8 3.8x 15.5x
NYSE: HAL Halliburton Company 47.76 95% 173% 41,539.6 50,609.6 15,948.6 2,092.1 3.2x 24.2x 18,845.2 3,334.8 2.7x 15.2x
NYSE: BHI Baker Hughes Incorporated 54.34 98% 145% 22,315.1 21,514.1 9,826.8 278.5 2.2x 77.3x 11,145.3 1,315.9 1.9x 16.3x
NYSE: WFT Weatherford International plc 6.13 53% 130% 5,511.3 12,356.3 5,921.6 343.0 2.1x 36.0x 6,738.4 880.9 1.8x 14.0x
Min $ 6.13 53% 130% $ 5,511.3 $ 12,356.3 $ 5,921.6 $ 278.5 2.1x 18.7x $ 6,738.4 $ 880.9 1.8x 14.0x
Median 51.05 95% 140% 31,927.3 36,061.8 12,887.7 1,217.6 2.7x 30.1x 14,995.3 2,325.3 2.3x 15.4x
Mean 47.11 85% 146% 45,269.3 51,678.0 15,015.8 2,314.4 2.9x 39.0x 17,135.3 3,349.6 2.6x 15.3x
Max 80.22 98% 173% 111,711.2 122,232.2 28,366.3 6,544.2 4.3x 77.3x 31,812.1 7,866.8 3.8x 16.3x
Equipment & Technology
NYSE: NOV National Oilwell Varco, Inc. $ 36.16 90% 140% $ 13,881.7 $ 15,568.7 $ 7,302.8 $ 268.8 2.1x 57.9x $ 7,558.5 $ 606.9 2.1x 25.7x
NYSE: FTI FMC Technologies, Inc. 32.41 90% 145% 7,312.6 7,518.1 4,559.6 528.6 1.6x 14.2x 4,352.8 545.5 1.7x 13.8x
NYSE: OII Oceaneering International, Inc. 25.81 56% 106% 2,613.3 3,012.5 2,391.9 376.0 1.3x 8.0x 2,213.6 315.5 1.4x 9.5x
NYSE: DRQ Dril-Quip, Inc. 52.35 78% 107% 2,011.9 1,520.2 540.9 142.4 2.8x 10.7x 431.0 75.0 3.5x 20.3x
NYSE: OIS Oil States International Inc. 30.93 84% 144% 1,591.6 1,623.8 689.6 47.5 2.4x 34.2x 738.9 75.5 2.2x 21.5x
NYSE: FET Forum Energy Technologies, Inc. 20.40 89% 241% 1,918.3 2,178.0 601.3 (22.2) 3.6x N/A 733.1 49.7 3.0x 43.8x
Min $ 20.40 56% 106% $ 1,591.6 $ 1,520.2 $ 540.9 $ (22.2) 1.3x N/A $ 431.0 $ 49.7 1.4x 9.5x
Median 31.67 87% 142% 2,312.6 2,595.2 1,540.7 205.6 2.2x 12.4x 1,476.3 195.5 2.1x 20.9x
Mean 33.01 81% 147% 4,888.2 5,236.9 2,681.0 223.5 2.3x 4.5x 2,671.3 278.0 2.3x 22.4x
Max 52.35 90% 241% 13,881.7 15,568.7 7,302.8 528.6 3.6x 57.9x 7,558.5 606.9 3.5x 43.8x
Service Providers
NYSE: SPN Superior Energy Services, Inc. $ 15.03 76% 182% $ 2,814.0 $ 3,819.5 $ 1,430.0 $ 107.6 2.7x 35.5x $ 1,830.7 $ 275.9 2.1x 13.8x
NYSE: FI Frank's International N.V. 12.27 68% 113% 1,980.6 1,619.6 490.4 14.5 3.3x 111.6x 477.2 25.8 3.4x 62.9x
TSX: ESI Ensign Energy Services Inc. 6.42 94% 181% 1,024.2 1,521.1 644.5 129.7 2.4x 11.7x 791.6 159.0 1.9x 9.6x
TSX: CFW Calfrac Well Services Ltd. 2.36 75% 297% 276.5 881.5 563.7 (19.6) 1.6x N/A 773.4 48.9 1.1x 18.0x
TSX: TCW Trican Well Service Ltd. 2.27 90% 904% 452.1 618.2 251.6 (38.9) 2.5x N/A 405.1 28.8 1.5x 21.5x
NasdaqGS: TESO Tesco Corporation 7.75 79% 151% 371.2 270.5 131.0 (33.7) 2.1x N/A 164.4 (16.2) 1.6x N/A
NYSE: BAS Basic Energy Services, Inc. 0.60 13% 200% 14.8 933.0 523.1 (39.6) 1.8x N/A 691.2 31.1 1.3x 30.0x
NYSE: RES RPC Inc. 17.99 94% 185% 4,007.2 3,865.9 678.2 (53.8) 5.7x N/A 1,075.0 111.2 3.6x 34.8x
NYSE: TTI TETRA Technologies, Inc. 5.66 60% 122% 553.5 1,515.1 747.9 126.9 2.0x 11.9x 856.4 175.7 1.8x 8.6x
Min $ 0.60 13% 113% $ 14.8 $ 270.5 $ 131.0 $ (53.8) 1.6x N/A $ 164.4 $ (16.2) 1.1x N/A
Median 6.42 76% 182% 553.5 1,515.1 563.7 (19.6) 2.4x N/A 773.4 48.9 1.8x 18.0x
Mean 7.82 72% 260% 1,277.1 1,671.6 606.7 21.4 2.7x 0.7x 785.0 93.4 2.0x 20.3x
Max 17.99 94% 904% 4,007.2 3,865.9 1,430.0 129.7 5.7x 111.6x 1,830.7 275.9 3.6x 62.9x
Offshore Drillers
NYSE: RIG Transocean Ltd. $ 10.04 58% 131% $ 3,694.1 $ 10,080.1 $ 3,880.3 $ 1,672.3 2.6x 6.0x $ 2,970.6 $ 1,106.4 3.4x 9.1x
NYSE: ESV Ensco plc 8.37 44% 129% 2,604.5 5,716.8 2,618.5 1,220.6 2.2x 4.7x 1,933.9 763.5 3.0x 7.5x
NYSE: DO Diamond Offshore Drilling, Inc. 16.97 64% 120% 2,353.8 4,558.1 1,578.2 626.7 2.9x 7.3x 1,492.4 602.5 3.1x 7.6x
NYSE: NE Noble Corporation plc 5.57 38% 109% 1,400.9 5,430.1 2,019.7 924.2 2.7x 5.9x 1,429.4 531.7 3.8x 10.2x
NYSE: RDC Rowan Companies plc 13.80 63% 129% 1,768.4 3,652.4 1,731.7 806.9 2.1x 4.5x 1,224.8 457.4 3.0x 8.0x
Min $ 5.57 38% 109% $ 1,400.9 $ 3,652.4 $ 1,578.2 $ 626.7 2.1x 4.5x $ 1,224.8 $ 457.4 3.0x 7.5x
Median 10.04 58% 129% 2,353.8 5,430.1 2,019.7 924.2 2.6x 5.9x 1,492.4 602.5 3.1x 8.0x
Mean 10.95 53% 124% 2,364.4 5,887.5 2,365.7 1,050.1 2.5x 5.7x 1,810.2 692.3 3.2x 8.5x
Max 16.97 64% 131% 3,694.1 10,080.1 3,880.3 1,672.3 2.9x 7.3x 2,970.6 1,106.4 3.8x 10.2x
Land Drillers
NYSE: HP Helmerich & Payne, Inc. $ 65.48 93% 164% $ 7,177.8 $ 6,753.5 $ 1,600.6 $ 448.5 4.2x 15.1x $ 1,407.0 $ 362.0 4.8x 18.7x
NYSE: NBR Nabors Industries Ltd. 12.78 94% 259% 3,695.3 6,949.6 2,251.3 605.1 3.1x 11.5x 2,516.0 696.6 2.8x 10.0x
NasdaqGS: PTEN Patterson-UTI Energy Inc. 23.36 93% 214% 3,569.3 4,186.6 883.5 196.8 4.7x 21.3x 1,207.8 250.7 3.5x 16.7x
NYSE: PES Pioneer Energy Services Corp. 4.25 84% 447% 274.8 647.8 272.2 15.4 2.4x 42.0x 372.5 43.3 1.7x 15.0x
Min $ 4.25 84% 164% $ 274.8 $ 647.8 $ 272.2 $ 15.4 2.4x 11.5x $ 372.5 $ 43.3 1.7x 10.0x
Median 18.07 93% 236% 3,632.3 5,470.0 1,242.1 322.7 3.7x 18.2x 1,307.4 306.3 3.1x 15.8x
Mean 26.47 91% 271% 3,679.3 4,634.4 1,251.9 316.5 3.6x 22.5x 1,375.8 338.1 3.2x 15.1x
Max 65.48 94% 447% 7,177.8 6,949.6 2,251.3 605.1 4.7x 42.0x 2,516.0 696.6 4.8x 18.7x
Oilfield Services Newsletter | October 2016
Recent Trends
5
Crude Oil (NYMEX: CL)
Domestic Oil and Natural Gas Rig Count
Domestic Crude Oil Production
Source: CapitalIQ, EIA
$20
$30
$40
$50
$60
$70
$80
$90
$100
(Pri
ce p
er B
arre
l)
200
250
300
350
400
450
500
550
600
650
(Rig
Co
un
t)
245
250
255
260
265
270
275
280
285
290
295
(Mill
ion
s o
f Bar
rels
)
Oilfield Services Newsletter | October 2016
Domestic Oil Trends
6
Notable Trends2012 2013 2014 2015 2016E 2017P 2018P 2019P 2020P
Avg. Oil Price
Avg. Rig Count
New Wells Drilled
Production (M b/d)
$94.18 $98.02 $93.22 $48.59 $42.20 $52.25 $62.00 $70.00 $80.00
1,335 1,334 1,485 728 380 500 630 810 965
New Wells Drilled per Rig
31,425 32,150 33,150 19,250 8,650 11,100 13,300 17,000 20,000
5.2 6.1 7.3 7.9 6.9 7.4 7.4 7.7 8.0
23.5 24.1 22.3 26.4 22.8 22.2 22.1 21.0 20.7
Source: CapitalIQ, EIA, Spears & Associates
Domestic New Oil Well Count and Production
Crude Oil Price and Rig Count
$-
$20
$40
$60
$80
$100
$120
0
200
400
600
800
1,000
1,200
1,400
1,600
(Pri
ce p
er B
arre
l)
(Rig
Co
un
t)
Rig Count Oil Price
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
0
1
2
3
4
5
6
7
8
9
(New
Wel
ls D
rille
d)
(Pro
du
ctio
n -
M b
/d)
Production (M b/d) New Wells Drilled
Oilfield Services Newsletter | October 2016
Domestic Natural Gas Trends
7
Notable Trends2012 2013 2014 2015 2016E 2017P 2018P 2019P 2020P
Avg. Nat. Gas Price
Avg. Rig Count
New Wells Drilled
Production (Mcf/d)
$2.75 $3.73 $4.32 $2.62 $2.35 $3.13 $3.25 $3.40 $3.60
534 368 318 219 105 140 180 220 255
New Wells Drilled per Rig
9,500 7,800 7,150 4,850 2,450 3,450 4,375 6,000 7,750
767.5 772.5 823.8 864.2 NA NA NA NA NA
17.8 21.2 22.5 22.2 23.3 24.6 24.3 27.3 30.4
Natural Gas Price and Rig Count
Source: CapitalIQ, EIA, Spears & Associates
Domestic Natural Gas Production
$- $1 $2 $3 $4 $5 $6 $7 $8 $9 $10
0
200
400
600
800
1,000
1,200
1,400
1,600
(Pri
ce p
er M
BTU
)
(Rig
Co
un
t)
Rig Count Natural Gas Price
0
100
200
300
400
500
600
700
800
900
1,000
(Gro
ss W
ith
dra
wal
s -M
cf/d
)
Oilfield Services Newsletter | October 2016
Trends by Basin
8
YTD Change in Rig Count
Current Natural Gas and Oil Rig Count
Oil Production Natural Gas Production
0 1 3 3 4 10 15 17 1730 33 34 39
135
212
0
50
100
150
200
250
(Rig
Co
un
t)
-2
0
-9 -4 -4 -5
0
-8 -6 -23 -43 -7
1
-30 -5
-50-45-40-35-30-25-20-15-10
-505
(Rig
Co
un
t)
0.0
0.5
1.0
1.5
2.0
2.5
(Pro
du
ctio
n -
M b
/d)
Oct-15 Oct-16
02,0004,0006,0008,000
10,00012,00014,00016,00018,00020,000(P
rod
uct
ion
-M
cf/d
)
Oct-15 Oct-16
Oilfield Services Newsletter | October 2016
Offshore Trends
9
Crude Oil Price and Rig Count
Source: CapitalIQ, EIA, Spears & Associates
Offshore U.S. Production
Notable Trends2012 2013 2014 2015 2016E 2017P 2018P 2019P 2020P
Avg. Oil Price
Avg. Rig Count
Wells Drilled
Production (M b/d)
$94.18 $98.02 $93.22 $48.59 $42.20 $52.25 $62.00 $70.00 $80.00
24 38 41 26 NA NA NA NA NA
Wells Drilled per Rig
375 440 450 275 210 275 350 400 430
1.3 1.3 1.4 1.6 1.7 1.9 2.0 2.1 2.2
15.6 11.5 10.9 10.6 NA NA NA NA NA
$-
$20
$40
$60
$80
$100
$120
0
5
10
15
20
25
30
35
40
45
(Pri
ce p
er B
arre
l)
(Rig
Co
un
t)
Rig Count Crude Oil Price
0.0
0.5
1.0
1.5
2.0
2.5
(Pro
du
ctio
n -
M b
/d)
Oilfield Services Newsletter | October 2016
Global Trends
10
Crude Oil Production
Source: CapitalIQ, EIA, Spears & Associates
Crude Oil Short Term Price Uncertainty
Liquid Fuels Production and Consumption Balance Top 5 Petroleum & Other Liquid Producers - 2015
1. United States of America 15.04 M b/d
2. Saudi Arabia 11.95 M b/d
3. Russia 11.03 M b/d
4. China 4.72 M b/d
5. Canada 4.51 M b/d
0%
2%
4%
6%
8%
10%
12%
50
55
60
65
70
75
80
85
90
(% o
f To
tal G
lob
al P
rod
uct
ion
)
(Pro
du
ctio
n -
M b
/d)
International U.S. Onshore U.S. Onshore % of Total
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
90
91
92
93
94
95
96
97
98
(Pro
du
ctio
n -
M b
/d)
Production Consumption Stock Change
$-
$20
$40
$60
$80
$100
$120
(Pri
ce p
er B
arre
l)
Historical Price
EIA Price Forecast
NYMEX Futures Price
Lower Bound - 95% Confidence
Upper Bound - 95% Confidence
Oilfield Services Newsletter | October 2016
Contact
For more information, visit www.foundersib.com, call us at 205.949.2043, or contact the oil and gas team directly by email:
About Founders Investment Banking
11
people make all the difference
meet the founders investment banking TEAM
Founders Investment Banking (Founders) is a merger, acquisition & strategic advisory firm serving middle-market companies.
Founders’ focus is on oil and gas, industrials, software, internet, digital media and healthcare companies located nationwide,
as well as companies based in the Southeast across a variety of industries. Founders’ Skilled professionals, proven expertise
and process-based solutions help companies access growth capital, make acquisitions, and/or prepare for and execute
liquidity events to achieve specific financial goals. In order to provide securities-related services discussed herein, certain
principals of Founders are licensed with M&A Securities Group, Inc. or Founder M&A Advisory, LLC, both members FINRA &
SiPC. Founders M&A Advisory is a wholly owned subsidiary of Founders. M&A Securities Group and Founders are not
affiliated entities. For more information, visit www.foundersib.com.
Duane P. Donner, II, Managing Director [email protected]
John W. Sullivan, Vice [email protected]
Vaughn R. McCrary, [email protected]
Matthew T. Roden, [email protected]
Joe H. Brady, III, [email protected]
John F. Ortstadt, Business [email protected]
F. Jackson Poe, [email protected]
In order to provide securities-related services discussed herein, certain principals of Founders are licensed with M&A Securities Group, Inc. or Founders M&A Advisory, LLC, both members FINRA & SiPC. M&A Securities Group and Founders are unaffiliated entities. Founders M&A Advisory is a wholly owned subsidiary of Founders.
BIRMINGHAM2204 Lakeshore Drive, Suite 425
Birmingham, AL 35209-8855Phone: 205.949.2043
Fax: 205.871.0010
DALLAS5605 N. MacArthur Blvd, Suite 1000
Irving, TX 75038Phone: 214.295.1055
Fax: 214.295.1047
